I suppose it becomes a race. Raise rates first or get left in the dust, the first to start get the more valuable currencies and therefore the more desirable debt instruments. You get one big game of musical chairs. The music stopped… everybody try to get a seat.

Would be very interested to see an overlay of GDP on your chart of annualized federal spending growth. The other bar chart that would interest me in this graph would be timing and extent of other (including personal) tax cut enactments, given the current 70% GDP dependent on consumer spending. In an ideal world, wage growth effect would also be interesting, but this may have less meaningful correlation since increasing market financialization and buybacks have blunted what historically would have contributed to positive GDP and wage growth relationship. Thanks.